Press Releases

Controller Cohen: Statement Regarding
Recent Budget Deficit Announcements

(916) 324-2709

SACRAMENTO — State Controller Malia M. Cohen calls for calm in the wake of recent budget deficit announcements and issued the following statement after releasing the recent Cash Report on December 8:

“Despite reports from various sources indicating a budgetary deficit of approximately $68 billion, the state’s cash position remains strong, and, absent any unforeseen circumstances, the state has sufficient cash to pay its bills and meet its financial obligations through the end of the fiscal year.”

She continued: “As chief fiscal officer, one of my duties is to track and report on the state’s actual cash balance. In that regard, the state currently has more than $91.4 billion in available borrowable resources, due in large part to the Governor’s and Legislature’s foresight in building prudent rainy-day reserves in the Budget Stabilization Account. While legislators will have difficult choices to make in the new year, I am confident they will be deliberate in addressing the budget challenges before them, and I urge them to protect, to the extent possible, the health and social service programs designed to benefit those who are displaced, without shelter, or otherwise economically disadvantaged.”

As the chief fiscal officer of California, Controller Cohen is responsible for accountability and disbursement of the state’s financial resources. The Controller has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation’s two largest public pension funds. Follow the Controller on X at @CAController and on Facebook at California State Controller’s Office.